11 May Sellers More Willing to ‘Test’ Market
- Withdrawn listing numbers decline
- Under the hammer sales increases
- Analysis of ‘true meaning’ of auction numbers
The combined capital city preliminary auction clearance rate bounced back above 60% for the first time since late March, with 64.5% of homes selling this week. The higher clearance rate was across a lower volume of auctions over the week with 473 scheduled, down on the 612 auctions over the week prior when a preliminary clearance rate of 59.6% was recorded, later revising down by final result to 47.5%.
Of the 333 results collected this week, 22% returned a withdrawn result, well below the withdrawal rate of 56% recorded a few weeks ago when a much larger number of auctions were scheduled to proceed.
The lower withdrawal rate is the main factor driving an improvement in clearance rates, however we are also seeing a recent trend towards a higher proportion of homes selling ‘at’ auction, rather than prior to the event, implying vendors are becoming more willing to test the market under auction conditions.
Get a full rundown of results in all the capitals. Also a look inside some top sales. Kevin Brogan joins Kevin Turner and they discuss the true meaning behind the auction numbers amid COVID – 19.